Gold prices surged Rs 910 to a record Rs 83,750 per 10 grammes in Delhi on Wednesday, driven by strong demand from jewellers and retailers, according to the All India Sarafa Association. The precious metal of 99.9% purity had settled at Rs 82,840 per 10 grammes in the previous trading session.
Globally, Comex gold futures advanced 0.22% to $2,800.70 per ounce, while spot gold declined 0.17% to $2,758.78 an ounce as of 8:20 p.m.
The yellow metal had jumped Rs 4,360 or 5.5% to Rs 83,750 per 10 grammes from Rs 79,390 per 10 grammes on Jan. 1.
Snapping a two-day losing run, gold of 99.5% purity also surged Rs 910 to hit a fresh peak of Rs 83,350 per 10 grammes on Wednesday. The yellow metal finished at Rs 82,440 per 10 grammes on Tuesday.
Silver climbed by Rs 1,000 to Rs 93,000 per kg from Rs 92,000 per kg in the previous trading close.
In futures trade on the MCX, gold contracts for February delivery rose by Rs 228 to hit a fresh lifetime high of Rs 80,517 per 10 grammes. Also, contracts for April delivery climbed by Rs 199 or 0.2%, to hit a fresh peak of Rs 81,098 per 10 grammes for the first time on Wednesday.
MCX gold surged to a record high amid a pullback in the dollar index and weak consumer data print from the US lifted the sentiment of precious metals.
"Investors sought safe-haven assets after the stock market rout, particularly in the US tech stock," Deveya Gaglani, research analyst of commodities of Axis Securities, told PTI.
Silver futures for March delivery advanced Rs 105, or 0.12%, to Rs 91,156 per kg from the previous close of Rs 91,051 per kg on Tuesday.
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